PLP – Quarterly Client Update

PLP – Quarterly Client Update – 30 June 2021

14 July 2021

Booster Investment Management Limited as Manager of the Fund (the Manager), has provided a copy of
the Quarterly Client Update for the quarter ended 30 June 2021.

For further information regarding the Private Land and Property Fund visit www.booster.co.nz/booster-
investments/private-land-and-property-fund




For more information, please contact:
Gary Scott
Company Secretary
Booster Investment Management Limited
04 8944300


About Booster
Booster Investment Management Limited (Booster) is the manager and issuer of the Fund, and part of
the Booster Group which has been helping New Zealanders save since 1998. The group currently
administers superannuation and investment funds of over $4.0 billion on behalf of more than 120,000
New Zealanders.
PLP is a managed investment fund that invests in land and property-based investments by investing in
units in Booster’s Private Land and Property Portfolio. PLP only holds these units.
For more information, including a copy of the Product Disclosure Statement, please visit
www.booster.co.nz

Booster Investment Scheme 2
Private Land and Property Fund

Update as at 30 June 2021

1
v
Portfolio Performance
The Private Land and Property Fund (PLPF) continues to perform as
expected, returning 6.1% for the three months to 30 June 2021 and
12.1% for the last year (after fees and before tax). PLPF invests through
the wholesale Booster Private Land and Property Portfolio (PLPP)
1
.
The Fund is currently generating annual cash based pre-tax earnings of
3.23% from its lease income and grape supply contracts.
Over the quarter PLPF also benefited from a valuation uplift in one of the
portfolio assets (the Kerikeri kiwifruit orchard).
As at the end of June, PLPP has property related assets of over $94m,
which after debt has a net asset value of over $75.5m
Property revaluation review
In the March quarterly report, we included a net valuation adjustment in
the unit price to reflect the positive valuation for the Kerikeri kiwifruit
orchard. The level of market activity during the June quarter has
provided significant market information for both vineyards and kiwifruit
and associated licences. Subsequent to the reporting date of 31 March
2021 and consistent with the property valuation policy for the PLPF, the
Manager commissioned and received a report on 1 May 2021 for the
Kerikeri orchard.
As a consequence, PLPF recognised a further uplift beyond that taken at
31 March by another $1.3m (reflecting an increase of 7.46% in the unit
price).
Vineyard property in Awatere Valley, Marlborough
This investment is in three properties situated in the Awatere Valley
being Barewood Vineyard, Upton Downs, and Flemings Road. Planted
across land to the south of the Awatere River, these vineyards feature
111.3 developed and developing canopy hectares of predominantly
Sauvignon Blanc with some Pinot Gris, Pinot Noir, and Viognier.




With 30% of the canopy hectares fully mature and highly productive, a
further 14% is expected to mature by 2022, 18% by 2023 and the
remaining 38% by 2024.
Weighted average lease term – 9 years
Vineyard property in Hope, Nelson
This investment is in the former Waimea winery. Planted as far back as
1993 in land near Richmond, these vineyards comprise 105.5 fully
developed canopy hectares, predominantly of Sauvignon Blanc.
Weighted average contract term – 19 years
Vineyard property in Hawke's Bay
This investment is in three vineyards formerly part of Sileni Estates,
including Talbot, Wedd and Winery vineyard properties and a winery
building.
The winery and vineyard properties are situated in the Bridge Pa
Triangle, a recognised vineyard sub region of the Hawke’s Bay. The
vineyards comprise 35.9 fully developed canopy hectares planted in the
late 1990’s predominantly of Pinot Noir, Merlot, Sauvignon Blanc, Syrah
and Chardonnay varieties.
The winery is architecturally designed to offer a functioning commercial
winery plus retail, and administration activities.
Vineyards and Winery – Weighted average lease term – 20 years
Vineyard property in Mahana, Nelson
The property at Mahana, Upper Moutere is a state-of-the-art gravity fed
winery amongst 21.2 canopy hectares of vineyards on the total 34.5
hectare site.
The unique architecturally designed 4-level gravity fed winery is set into
a hillside to reduce energy usage and enable high quality wines to be
produced. The winery has a function cellar, tasting room, bottling hall
and office.
Weighted average lease term – 20 years
Kiwifruit orchard, Kerikeri, Northland
The orchard is a total of 50.4 hectares and is used for horticultural
purposes and is historically known for kiwifruit and citrus. The current
plantings comprise 20 canopy hectares of planted Sun Gold Kiwifruit
under license to Zespri and 9.8 canopy hectares of lemons. A further 2.8
hectares of bare land will be planted in lemons over the next 2 years,
reaching full maturity in around 7 years.
The property is under lease to Seeka for 15 years (from 2019) at a fixed
rental linked to capital values and incorporating an option at year 5 for
PLPP to assume the risks and rewards of operatorship.

.
PLPP Investment Holdings
2

$ %
Vineyard property in Awatere Valley,
Marlborough
$18.9m 20.1%
Vineyard property in Hope, Nelson $15.9m 16.9%
Kiwifruit Orchard property in Kerikeri,
Northland
$20.2m 21.5%
Vineyard property in Hawke's Bay $8.0m 8.5%
Waimea West Hops, Brightwater, Nelson $7.2m 7.7%
Vineyard property in Mahana, Nelson $4.0m 4.2%
NZ Cash (BNZ Bank Trust Account) $19.6m 20.9%
Total $94.0m 100%
1
For further information of how PLPF invests through PLPP refer to the PLPF Other Material Information document on the booster.co.nz website.
2
ANZ Bank New Zealand Limited (ANZ) has provided a loan facility of up to 50% of the value of the secured properties for use by the PLPP to affect its gearing strategy which results in ANZ
holding a security interest over a portion of the assets held by the PLPP.

Booster Investment Scheme 2
Private Land and Property Fund

Update as at 30 June 2021

3
Gross Asset Value comprises the net asset value of the investments held and the drawn portion of the ANZ loan facility.
4
Returns prior to the PLPF inception date are based on the underlying wholesale PLPP return. Past performance is not an indicator of future performance.
Disclaimer This document is for information purposes only. The information is derived from sources believed to be accurate as at the date of issue and may change. The content is of a general
nature and does not take into account your financial situation or goals and is not financial advice.
Neither Booster Financial Services Ltd nor any of its related companies (Booster) accepts any liability for any loss or damage arising directly or indirectly out of the use of, or reliance on, the
information provided in this document. Booster Investment Management Ltd is the manager and issuer, and Public Trust is the supervisor, of the Booster Investment Scheme 2, Private Land
and Property Fund. None of Booster, Public Trust, or any director, board member or nominee of any of those entities, or any other person, guarantees the Scheme’s performance, returns or
repayment of capital. The Scheme’s Product Disclosure Statements are available at www.booster.co.nz or by contacting your financial adviser or by calling Booster on 0800 336 338.
2

v
Waimea West Hops - Nelson
Waimea West Hops is a well-established hops garden located 15km
south west of Nelson close to the settlement of Brightwater. PLPP made
a cash investment Q1/2021 of $7 million for a 50% shareholding in 28.5
canopy hectares of mature hops and associated processing facilities. The
garden is planted with a wide range of aroma hops, the key varieties
being the in-demand Nelson Sauvin and Motueka.
Our investment will enable development of approximately 83 canopy
hectares of hops across two additional sites, approximately 34 canopy
hectares already contracted (settlement on 30 June 2021) and the
balance on sites to be confirmed (first right of refusal in place on one).
The development is expected to take until 2023 with all plantings fully
mature by 2026.
Waimea West Hops is part of a grower co-operative (New Zealand Hops
Limited) which markets, distributes and sells hops on behalf of growers.
New Zealand Hops enters in separate contracts (typically 2 year rolling
contracts) with end customers in New Zealand and internationally.
Key Facts (PLPF)



Risk Indicator
The Risk Indicator is rated from 1 (low) to 7 (high). The rating reflects
how much the value of the fund's assets go up and down (volatility).
A higher risk generally means higher potential returns over time, but
more ups and downs along the way.


All figures are after fees. Please see the Product Disclosure Statement
for further details.







Fund Size
(net asset value)
$75.7 million
Inception Date 7/01/2019
Manager Booster Investment Management Limited
Supervisor Public Trust
Fund Type Portfolio Investment Entity (PIE)

Key Facts (PLPP)
Fund Size
(net asset value)
$75.5 million
Gross Asset Value
3
$94 million
Inception Date 13/06/2017
Manager Booster Investment Management Limited
Supervisor Public Trust
Fund Type Portfolio Investment Entity (PIE)
Gearing ratio 20.5%
PLPF Performance as at 30 June 2021
4

Before Tax
After Tax
at 28%
Last month 0.5% 0.4%
Last 3 months 6.1% 6.0%
Last 6 months 9.1% 8.8%
Last 12 months 12.1% 11.3%
Last 2 years (p.a.)
4
9.9% 8.9%
Last 3 years (p.a.)
4
11.7% 10.5%
Since Inception 13/06/2017 (p.a.)
4
10.0% 9.0%